US bank failures in 2010 surpass 100

WASHINGTON (AP) -- U.S. bank failures this year have surpassed ableak milestone of 100 as regulators shut down banks in Georgia,Florida, South Carolina, Kansas, Nevada, Minnesota and Oregon.

The seven bank seizures announced Friday bring to 103 thefailures so far in 2010. The pace of bank closures this year iswell ahead of that of 2009, which saw a total 140 banks shutteredamid the recession and mounting loan defaults.

The Federal Deposit Insurance Corp. said it took over CrescentBank and Trust Co., based in Jasper, Ga., with about $1 billion inassets; Sterling Bank of Lantana, Fla., with $407.9 million inassets; Williamsburg First National Bank of Kingstree, S.C., $139.3million in assets; Thunder Bank of Sylvan Grove, Kan., $32.6million; SouthwestUSA Bank, with one branch in Las Vegas, $214million; Community Security Bank of New Prague, Minn., $108million; and Home Valley Bank of Cave Junction, Ore., $251.8million.

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